Dogecoin (DOGE), often labeled a meme coin, saw a shocking rise last week, reaching a high of 43.77 cents on Friday before pulling back some over the weekend.

Its rising stature in the world of cryptocurrency, is thanks in part due to the support of Elon Musk and his efforts to seemingly push the cryptocurrency into the mainstream.

At its all-time record on Friday, the crypto had gained over 9,200% for the ytd time period. Doge closed 2020 at 0.47 cents and briefly went over 1 cent in early 2021.

After going back below 1-cent level for most of January, Doge then hit a high of 8.49 cents in February, as Musk pushed it to the moon with his tweets. After this, Doge started consolidating and was largely held inside the 5-7 cent range.

With the listing of Coinbase on the NYSE last week, a new drive in crypto started and Doge quickly used the momentum and optimism to see a meteoric rise.

There are also companies that have started accepting Doge as payment. Among them, easyDN, a web hosting company and BOTS, a robotics company.

“Like Ethereum, Bitcoin, and Litecoin, Dogecoin is a very popular cryptocurrency people use to trade and buy., a BOTS spokesperson said.

Author: Steven Sinclaire

Comments are closed.

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!